Here’s your trade on Enphase ($ENPH) – September 14, 2022
ENPH
I want to look at Enphase ( NASDAQ: ENPH ) today. This stock is doing, in my view anyway, extremely well. It broke out of a squeeze, the bands here were pretty tight, 8 percent. I prefer them a little bit tighter than that but in this market, to find really, really tight Bollinger Band squeezes, unless it’s on a stock that has just been acquired by another company for a set price, you are just not going to find them.
This worked pretty well, and right here, on this first day, on the 6th, we got a little bit heavier volume, a little bit higher than usual; not a big deal. It almost pushed through 300.00, and then the next day, bam. That’s when this move happened, so that was the entry there, double the average volume. And then, not really any follow-through here, up a little bit more but not that much, and then we get a pullback.
So right about here you are looking at this, I guess you could say it’s a failed breakout. I wouldn’t say that, I would say it was just a breakout that doesn’t have any follow-through but it’s not broken, it is just back into this trading range. And all the while, the market is pretty choppy, and then certainly yesterday.
Well, here we are on Monday, then we’ve got Tuesday, down on that big nasty day. We’ve got Tuesday, where the stock closed here and then the following day, basically, it was almost static, it didn’t do anything. Everything else sold off and this really didn’t, it was just kind of in a holding pattern, that is why I was looking at this. And then back today the thing jumped back up to, essentially, a new closing high.
I think at this point, we’ve got our zigzag here, zig, zag, zig, so it seems to me like this stock is likely to go higher. I just picked up some more of it today. Then the weekly chart here, I am going to go out on a limb, $400.00. That’s it, that’s what I am looking for, $400.00. Why? Well because 500.00 is too far away and 350.00 is too modest, so 400.00 it is.
Free Chart